With the recent passage of the "TARP bonus" bill, it's obvious that our politicians are finally serious about tackling the problem of greed. It's about time, too. We've long had "hate crime" laws, so one had to wonder when the next deadly sin would make it on the legislative agenda.
This bill targets people at certain companies -- most visibly the much-maligned AIG -- taxing any bonus pay pushing one's income over the $250,000 threshold to the tune of 90 percent.
Yet the popular conception of the legislation sells our enlightened overlords short, as their vision entails far more than bringing a handful of rapacious Gordon Geckos to heel.
Henry Blodget explains writing at Yahoo! Finance:If the "TARP bonus" bill the House passed yesterday becomes law, any of the hundreds of thousands of people who work for Citigroup, Bank of America, AIG, and nine other major US corporations will have to fork over 90 cents of every bonus dollar that puts their household income over $250,000.
That's household income, not individual income. If you're married and filing singly, you'll have to surrender anything over $125,000.
Indefinitely.
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image toon - 1st mny sclm bbro libs - Congress = lucky for Capitalists they don't torture
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